The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1887-03-11
timore & Ohio railroad or any other

timore & Ohio railroad or any othel
property.
It was part of the proposed scheme
to sell or lease the Baltimore e. Ohio
system to the Western Union Com
pany. The cost of telegraph lines stands
on the company's books at about
$4,000 600, and il was thought by the
projectors Of the plan that the Western
Union Company would readily buy the
system at the cost price for the sake of
rel asing itself from persistent rivalry.
1t was hoped even that the sale
OF telegraph lines would furnish capital
enough to reimburse the members of
the syndicate for the cash outlay, while
a WI ole year was allo we'd for the settle
ment OF the remainder of the purchase
money; the atement of Norvin Green,
| of the Western Union Company, and OF
Jay Gould, which were published
in the Tribune yesterday, tend
to dissipate these expectations. 1t was
found tnat all oVertuIes to the Western
! Union company and its friends were re-
jected. New efforts to secure the opera
ton OF Mr.. Gould were made yester-
day, but without fur her success. He
remarked: II said yesterday that
had no wish to engage IN the new enter
prise. can only repeat the statement
| to-day. Yes, it is true [ was offered
the invoicing contract, which Mr.. Sully
| is said to hold, on condition that |
would pay the 81 5000 necessary to
make the option good after to-day. NV
bank account has not been depleted
for that purpose. l am willing that
anyone should have control of the
properly who wishes 10 buy it on
such terms. I should want to look it
over carefully before I named my price
for it. :"
William B. Dinsmore, president of
the Adams Express Company, said:
1.-THE Adams Express Company is not
party to any of the negotiations
affecting the Baltimore & Ohio"
New York. March 10.-The Tribune
of 10 morrow will say: Negotiations
for the transfer of the control of the
Baltimore & Ohio Railroad to a New
York syndicate have not yet been car
ried to successful issue. 1t is reported
that the option obtained from Presi-
dent Garrett by Alfred Sully expired
yesterday, and that Sully was unable to
raise the money to meet the first pay
ment. While the exact terms of the
contract are not known, it has been es-
tablished that Sc, 600, 900 of the $4,000
600 required for the purchase of $4,000
shares at $22 was to be paid in cash.
The stock, however, was to be
placed in trust until the payment of
the remaining $4,000, 000 on which
years time has been completed. 1t ap-
pears that Of the cash payment. an in
stallment of 100000 was to be paid
yesterday. The sum was not sent to
Baltimore, bnt in place of the moueya
request for the extension of the prIvi-
lege was forwarded. 1t is not known
thst,any reply to the message was re-
ceived. The most plausible excuse for
failure to exercise the option was the
statement that the purchasing syndi-
cate desired a longer time for an in
vestigation of the condition of the
Baltimore and Ohio company.
The assets and liabilities of the COM
pany were stated in round figures when
the privilege on the stock was obtained,
and many persons who had expressed q
willingness to join in that undertaking
were reluctant, on calm reflection, to
complete a bargain without an expert
examination of the affairs of the
company. A member of the pro
posed syndicate expressed the general
sentiment in about these words
We have no objection about entering
upon this agreement, but as business
men of ordinary prudence and capacity,
we must insist upon fuller and more
exact report of the value of the property
we are buying. 1t must not be forgotten
that the Baltimore and Ohio has
several important quarrels on its hands
in railroad questions with the
Pennsylvania Railroad, in telegraph
matters with the Western Union,
and in express matters with
all the large express companies.
1t would seem advisable, under the
circumstances, that persons having
control of the company should ascer-
tain, first of all whether these disputes
could be easily adjusted. think the !
present failure has been due chiefly to
the premature announcement of the |
plan before it was learned whether
these important disputes could be |
amicably arranged.
An adjourned meeting of the execu-
tive committee of the Richmond & West |
Point Terminal company was held |
yesterday. The option held by Mr.. |
Sully, president oisthe company, was !
again under discussion, but the meet |
ing adjourned subject to the call
of the president without taking de6n-
tie action. 1t is understood that |
the proposal of MIR. Garrett to relin-
quish control of the Baltimore & Ohio |
Railway, had partly in view an amalga-
nation of his company with the south |
ern system of railroads now embraced |
in the Terminal Company. The terms |
for such union, if any formal conditions
were presented, were not agreed upon,
and it was said by a member of the
committee to be doubtful if substsn-
tial basis for such an agreement could
be reached.